New Delhi, Sept. 28 -- At the 'Samudra ke Samriddhi' programme in Ahmedabad on 20 September, Prime Minister Narendra Modi highlighted the staggering financial loss India incurs due to reliance on foreign shipping. India pays foreign shipping companies $75 billion annually, nearly equivalent to its annual defence budget. This is mainly because foreign ships carry almost 95% of India's export-import trade. "Be it chips or ships, they must be Made in India," Modi said.

Four significant steps to revitalize India's shipbuilding and maritime ecosystem have been initiated as part of a package approved by the Union cabinet:

One, the Shipbuilding Financial Assistance Scheme has been extended till 31 March 2036. This, coupled with infrastructure ...